Forensic Analysis · Semiconductors · as of Jul 18, 2026
SemiLEDs Corp (LEDS)
A forensic read on SemiLEDs Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-40.2
Altman Z-score
Watch
Earnings quality
2
Forensic signals
SemiLEDs Corp earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -40.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-44%Return on invested capital.Return on invested capital is -44% in the latest fiscal year and slipping from -33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+19.5%/yrShare-count dilution.Diluted share count changed +71% over the last 3 years to FY2025 (+19.5%/yr). The count is GROWING — existing holders are being diluted. Note: the share count shows a large one-time jump around FY2021, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~19.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~41%.
Key fundamentals
Latest Revenue$43.0M
Revenue Growth YoY+729.8%
Revenue CAGR (3yr)+82.7%
Net Margin-2.6%
Free Cash Flow$3.9M
Return on Equity-40.6%
Debt / Equity0.61x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SemiLEDs Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LEDS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown